Toure also expressed his disgust at those who have been quick to criticise his performances and admitted to being hurt by what he felt was a lack of recognition.
The Ivory Coast captain, who has won the Premier League twice with City, has scored one goal in 11 appearances this season but Pellegrini said Toure was happy.
"He may have a few concerns about the criticism but that is different to being unhappy at the club," Pellegrini told reporters ahead of Wednesday's visit of Spanish club Sevilla in the Champions League.
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"You can interpret his words how you want but I don't think I have to answer for how happy Yaya is at Manchester City.
"The answer is his performances over the last four years he plays. He is a very important player and he demonstrates it every game," added Pellegrini.
While forward Sergio Aguero is set for another month on the sidelines due to a hamstring injury, Pellegrini said he would not use absences as an excuse for not winning.
"Obviously Aguero is very important to us but I have a policy of not making excuses for who is missing," said the Chilean, adding that Wilfired Bony should be able to slot in instead of him, or beside him when the Argentine returns.
"Bony can play with or without Aguero. He can line up alongside him if both are fit, it does not have to be that Aguero has to be missing for Bony to play," said Pellegrini.
"For various reasons I have not been able to line them up together in the past, but we brought Bony here because he is an important player in his own right.
"He is the only forward we have at present so this is his moment, his chance to show what he has got."
(Reporting by Shravanth Vijayakumar in Bengaluru; Editing by Peter Rutherford)
